Market Wrap: Nifty closes above 24,200; Swiggy’ GMP dips to 3%

After falling 309 points yesterday, the Nifty rose 217 points in today’s session to close at 24,213. On the other hand, the Sensex was up 694.39 points or 0.88 percent to close at 79,476. Metal, banking, and financial stocks contributed significantly. In Nifty, JSW Steel (up 4.72%), Bajaj Auto (up 3.67%), Tata Steel (up 3.63%) and Hindalco (up 3.45%) were the top gainers. Coal India (down 1.89%), Adani Ports (down 1.47%) and Trent (down 1.35%) were the top losers.

Swiggy’s GMP (grey market premium) as per sources is 3%. The IPO is scheduled to open tomorrow. It’s offer price is Rs 371- Rs 390. It will be interesting to see the response it gets as the GMP is low and the markets are volatile. The company said that it has raised around ₹5,085 crore from investors in its anchor round, ahead of the IPO. According to reports, the company has allocated 13,03,85,211 or 13.03 crore equity shares to the anchor investors at an allocation price of ₹390 per share to 75 anchor investors at a face value of Re 1 per share. Along with Swiggy, ACME Solar Holdings’ IPO will also open tomorrow. Its GMP as per sources is currently at 3% and the offer price is Rs 275-Rs 289.

Markets are expected to remain volatile tomorrow ahead of US election results. According to experts, Nifty’s support is 23,800 and resistance is 24,500. If any of the levels are broken, we can see some wild moves. Today’s rise might be short-lived. Investors are advised to have a cautious approach this week.